Study On Monetary Policy Transmission Mechanism In Chinese Transition Period

From 1994. Chinese monetary policy transformed by the direct regulation to the indirect regulation. moreover this time is important time to readjust the economic structure and to develop steadily in our country. whether the monetary policy conducts to the entity economy and the conduction mechanism whether effective movement smoothly is this time key question. Monetary policy transmission mechanism in Chinese transformed period is one the economic problem of Chinese characteristic. also is a question to discuss urgently at the present.With reference to the research results and resources home and abroad. also on the basis of analyzing the channel of monetary policy transmission in Chinese transformed period by practice and real diagnosis mothed. and contrasted study monetary policy transmission various links'system . characteristic and blocking. this paper reaches conclusions as follows:①In the economical transfer time. monetary policy transforms from the sole credit quota transmission channel into the multi-channel matching transmission. Now. the primarily transmission channel is the interest rate and the credit. accurate localization to our country monetary policy transmission mechanism is transition-period that transits from the credit to the interest rate. In this period. the interest rate took the intermediary target is playing the vital role. but the key point and the difficulty are interest rate marketability realization and concrete operation. credit state-owned color desalination. asset price transmission multiplicity. exchange-rate effectly fluctuation adjustment.②As a result of Chinese economic transformed. has had the unique monetary policy transmission link blocking phenomenon. Through analyzing the four key links Central Bank. the financial market. the financial organ and the enterprise with resident by time series analysis. by data analysis. crosswise contrast analysis obtains are: Monetary policy transmission link blocking is caused that Central Bank is dependence. financial market structure is dispersible and narrowness. the financial organ's state-owned nature overweight and enterprise seriously dependent credit. also the local financial development is not balanced to affect validity of monetary policy transmission.③On the basis of comprehensive evaluation. this thesis gives some suggestions on enhancing the efficiency of monetary policy transmission in transition period: 1) standard and consummate financial market; 2)consummate state-owned bank. establish the equality of treatment enterprise mechanism; 3) perfect modern enterprise system; 4)establish and promote the consumer credit system comprehensively; 5) the different economic region implements the different monetary policy.